No transfer in absence of performance of obligations by Assessee- sale of development rights under JV

ITO Vs Newtech (India) Developers (ITAT Mumbai) What was to be received by the assessee was from a joint venture, in which assessee itself was a participant, but, under the said arrangement, it was to be entirely funded by Shivalik Ventures Pvt Ltd. The essence of the arrangement was the performance of obligations by the assessee so far as the above obligations are concerned. In our humble understanding of the situation, while the assessee was to help the assessee get the development rights in favour of the joint venture, the payment was to be received by hum “as original developer appointed...